According to a report in the Netherlands, Max Verstappen is close to signing a new deal that will keep him at Red Bull for the next few years.
According to the newspaper, the new deal with Red Bull would extend it by up to five years.
The deal is said to be worth 40-50 million dollars a year.
Red Bull refused to comment after Verstappen's father directed the team to respond to the story.
The new deal would be among the most lucrative in F1 history.
It is thought that Lewis Hamilton will make about 40 million dollars from Mercedes before his endorsements are taken into account.
Red Bull was in talks with Verstappen over a new deal.
The Austrian said last year that the salary of Hamilton was too high for F1 and that the sport should introduce a wage cap for drivers.
Verstappen said at the end of last year that he wanted to stay at Red Bull for a long time.
Verstappen, whose current deal runs to the end of 2023, said: "I'm very, very happy where I am, that's for sure." I mean it because I really love being a part of this team.
I want to race for this team for a long time and there is no reason to leave.
He admitted that the tension between Mercedes and Red Bull last season made it unlikely that he would move to his current team in the future.
The principal of the Red Bull team said at the time that they had him on a long-term deal. He is a valued member of the team. We have seen him grow. There is a trust and a dynamic that work together. He has a lot of faith in the people around him.
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